Short Sale Info

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Short Sale Info & Frequently Asked Questions

A short sale occurs when the borrower can no longer pay the amount owed on their property due to economic, financial, or other hardship. The Lender agrees to sell the property as a short sale for a moderate loss because it allows them to avoid foreclosure, and other fees.

  • Step 1

    Your property is listed and placed on the market.

  • Step 2

    The lender will review the strongest offer that is submitted by a potential buyer.

  • Step 3

    Offer is reviewed against what the lender and loan investor believes the property is worth through the current Fair Market Value.

  • Step 4

    After agreeing to a certain amount, the lender will agree for the property to be sold to the buyer, avoiding foreclosure for the current homeowner.

  • In other words, a Realtor Sherman Oaks short sale can help:

    Avoiding foreclosure, save money, and save your credit

Short Sale Solution

How Rosalyne Will Help You

An experienced real estate agent from Realtor Sherman Oaks will help you decide the best course of action when determining your short sale. Our easy, no-cost process is designed to make it as stress-free as possible for you and your family. Why don’t we charge any fees to the homeowner?

Because, we get paid by your lender.

While our agents are busy working with the lenders and banks, JohnHart’s Marketing Specialists will come to your property to assist you with the selling process. There, we will take photos, videos and compile detailed specifications of your home. That information will be used by Rosalyne’s Internet Design Team to create a one-of-a-kind website for your property with images, virtual tour, local school data, neighborhood map and more, making your property visible to a wider market.

All at no-cost to you!

Frequently Asked Questions

What is a short sale?

Often times, when a homeowner cannot afford their home anymore, and they start to fall behind on their mortgage payments, they risk the possibility of foreclosure; there is a solution to avoid foreclosure. That solution is a short sale. When a homeowner experiences hardships such as job loss, or rise in their debt owed. They can apply for a short sale, where a Real Estate company, such as Realtor Sherman Oaks will negotiate with the lender to sell the home at market value. So what happens if the amount owed to the mortgage is more than the actual market value? The lender will take whatever it can get, and dismiss the remaining debt. Essentially with a short sale the lender will agree to accept less than the amount owed by the homeowner, if the home is sold to a third party.

Why a Short Sale vs. Foreclosure?

Any delinquency in a mortgage negatively affects the homeowner’s credit rating. However, with a short sale, the impact on the points that are lost are less severe than with a foreclosure. The credit score will drop by about 100 points or less with a short sale, as oppose to over 250 points with a foreclosure. Also with a foreclosure you would have to wait several years before you can qualify for another mortgage at an affordable rate. With a short sale, it will only take about a year and a half before you can qualify again for an affordable rate. The evidence points to a short sale as the better option to steer away from foreclosure and to avoid the excessive shock to your credit.

I am late on my mortgage payments, and I may be facing foreclosure. Do I qualify for a Short Sale?

Cannot afford your home anymore and running out of options? Do not stress. Give Realtor Sherman Oaks a call, and we will relieve that stress from you. Our sales specialists will look at your situation and see what the best option for you is. With over a few years and over 500 properties we have assisted with short sales, we are confident that we can help you out as well. We know that each situation is unique, so give us a call and speak with our sales specialists and they will guide you to the best solution for you.

Will the Short Sale cost me anything?

The short sale will cost you nothing at all! Zero! You may even be compensated some money, if the short sale is successful. So why let your home foreclose when you can short sale it, have less impact on your credit, and even qualify to get some money in your pocket.

How do I qualify for a Short Sale? What criteria must I meet?

Have you experienced recent hardship that has impacted your ability to make your mortgage payments? If so, then most likely you qualify for a Short Sale. Below are some examples of hardships that may qualify you for a Short Sale.

  • Decrease in the value of the home
  • Unemployment or loss of primary income source
  • Inability to work due to health crisis
  • Mounting medical expenses
  • Employment relocation
  • Failure of business
  • Bankruptcy
  • Death of spouse or significant other
  • Divorce or separation

How do I get started?

Contact Rosalyne Cohen today at 818-826-9086, and one of our sales specialists will help you get started.

When should I begin the Short Sale Process?

You should start the process right away, especially if you already have a sale date on your property. The sooner you begin the better chance we have for a successful short sale. Our negotiators need enough time to start the process, and submit all the needed documents to the lender. The timing is very important, do not wait. Call us at 818-826-9086 and make an appointment to meet with our sales specialists.

How long does a short sale process typically take? May the process be expedited if I am facing foreclosure?

Each Short Sale process is unique and may take anywhere from one to four months. All the parties that are involved affect how long the short sale process will take, starting from you (the seller) to the negotiators at the bank, and to the potential buyers. If you have a sale date, we may be able to postpone it, and we can definitely expedite the process with your cooperation. Please contact us at 818-826-9086.

Why would the lender agree to a Short Sale?

Just like you, foreclosure is the last resort for the lender as well. They want to avoid the process and costs of handling a foreclosure. By pursuing a Short Sale, both you and the lender benefit from the success. You avoid a huge negative impact on your credit score, and they gain greater return in their investment. It’s a win-win situation for all parties involved.

What is your relationship with lenders? Why shouldn't I negotiate with my lender directly?

Realtor Rosalyne Cohen is a third-party short sale negotiator, and we work directly with the lender. We have a lot of experience with negotiating with these various lenders including Bank of America, Wells Fargo, Chase, Citi Mortgage, AHMSI, ASC, Saxon, IndyMac, and many more private lenders. With our professional and experienced team we have complete confidence that we can negotiate successfully with each lender.

You only get one shot to negotiate with the lender, so negotiating with the lender yourself is very risky and highly inadvisable, not to mention it is almost impossible. In addition, it will not cost you a penny for us to short sale your property, so why go through the headache yourself, when we can do it for you at no cost.

How does filing for bankruptcy impact my ability to do a short sale?

Filing for bankruptcy does not affect your ability to do a short sale. In addition filing for bankruptcy is sometimes a last resort to delay the foreclosure process. However, if you do decide to file for bankruptcy, please contact a bankruptcy attorney.

Why should I use Rosalyne Cohen as my Real Estate agent to help me?

Realtor Rosalyne Cohen is very experienced with short sales. We deal with many lenders as mentioned above, and we have experience with different properties all around CA. With our professional and motivated staff, we are confident that we will be able to successfully negotiate with the lender to short sale your property. Give us a call at 818-826-9086 and one of our sales specialists will be happy to assist you.

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